- Royce Mendes, Managing Director and Head of Macro Strategy • Tiago Figueiredo, Associate – Macro Strategy
Canada: A Mid-Summer’s Ease in Inflation
Summary of the publication
Consumer prices rose 0.1% in July, pushing the annual rate of inflation up to 7.6% from 8.1% in June.
The notable monthly decrease in gasoline (-9.2%) helped push headline inflation lower even as food and shelter rose 0.7% and 0.4% respectively.
Excluding food and energy, prices are 5.5% higher than they were a year earlier. The three-month annualized rate of seasonally-adjusted ex-food and energy inflation sat at 6.4%, suggesting that underlying inflation remains hot.
The Bank of Canada’s three core measures of inflation averaged 5.3% year-over-year.
See the full publication in PDF.
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